|
QUESTION:
|
I am going to work and get my social security check through 2009 | If I continue to work and draw my social security through 2009 will social security take taxes out of my social security check if I request them too.
Katie Bryan |  | asked by katiebryan, 8/22/2008 |
|
Categories:
Tax Planning, Federal Employee Retirement System - FERS
|
|
|
| ANSWERS: | | Answered by: Editorial, 08/28/08
Overall Rating:  Be the first to rate it. | The following Social Security web page should be useful to you:
http://www.socialsecurity.gov/retire2/whileworking.htm
Working past age 62 can be an excellent idea. More on the benefits of working past 62 are available here:
http://www.newretirement.com/Services/Working_In_Retirement_Reasons.aspx Login to rate this answer: | | Answered by: inmanbecky, 09/10/08
Overall Rating: Be the first to rate it. | If you work and get benefits at the same time
You can continue to work and still receive retirement benefits. Your earnings in (or after) the month you reach your full retirement age will not reduce your Social Security benefits. However, your benefits will be reduced if your earnings exceed certain limits for the months before you reach your full retirement age. (See Age to receive full Social Security benefits, to find your full retirement age.)
Here is how it works:
If you are younger than full retirement age, $1 in benefits will be deducted for each $2 in earnings you have above the annual limit.
In the year you reach your full retirement age, your benefits will be reduced $1 for every $3 you earn over an annual limit until the month you reach full retirement age. Once you reach full retirement age, you can keep working, and your Social Security benefit will not be reduced no matter how much you earn.
If, during the year, your earnings are higher or lower than you estimated, let us know as soon as possible so we can adjust your benefits.
If you want more information on how earnings affect your retirement benefit, ask for How Work Affects Your Benefits (Publication No. 05-10069), which has current annual and monthly earnings limits.
A special monthly rule
A special rule applies to your earnings for one year, usually your first year of retirement. Under this rule, you can receive a full Social Security check for any month you earn under a certain limit, regardless of your yearly earnings. If you are self-employed, the work you do in your business is taken into consideration as well.
If you want more information on how earnings affect your retirement benefit, ask for How Work Affects Your Benefits (Publication No. 05-10069), which has current annual and monthly earnings limits.
Best to pay taxes at the end of theyar -- you may not need to.
772-388-6555
B. Inman
Independent Financial Advisor
Login to rate this answer: |
|
|
|